Vertical Street Ventures has announced the acquisition of Redondo Tower, a downtown high-rise apartment building, in Tucson. VSV teamed up with Ral West and John Hardwick of Hardwick Apartment Homes, Ashok Patil and Mohit Bansal of Prime Investment LLC, and Louie Caumban and Rosalind Caumban of Fastpath Capital Group LLC.
This marks VSV’s fifth property purchased in the Tucson market and 12th property acquired in the Arizona market. Arbor Realty Trust provided the debt on the project. MEB Management will manage the property. Design and construction will be managed by Gia Venturi.
“When we discovered Redondo Tower was available for purchase, we immediately jumped on the opportunity,” said Ronnie Gou, a VSV managing partner. “We’ve invested in Tucson for several years now and Redondo Tower has always been a fixture in the downtown area. We’re thrilled and honored to take on this project for the City of Tucson. We’ll take it through a major renovation and add to the fabric of downtown’s revitalization.”
A 96-unit high rise apartment building, Redondo Tower is a key part of downtown Tucson, which will be rebranded Vertical Heights. Residents of the property will enjoy many new amenities, including adding a new rooftop lounge, a new gym and yoga studio, a state-of-the-art co-working lounge, and modernizing the existing pool. Its interior units will undergo extension renovation with brand new kitchens, bathrooms, and newly added washer/dryers in each unit. Located right off Interstate-10, a 5-minute walk to anywhere downtown and a 10-minute drive to the University of Arizona campus, this is a prime location for many job sectors.
With Tucson market vacancy at 4%, Tucson residents continue to look for great places to live. VSV will continue its strategy of finding communities to improve in high growth markets residing in excellent locations throughout the Arizona and Texas Markets.